In this paper, a multi-coded variable spreading gain (MC-VSG) CDMA system employing a binary transmission of MC signals by introducing a level clipper, termed MC-VSG BNet system, is proposed for a possible candidate of wireless personal area network (WPAN) and 3 G cellular applications. With an emphasis on the MC-VSG BNet physical layer and the system performance, we address the concise specification of the MC-VSG BNet system including the spreading code, level clipping, modulation, coding, and frame format. Especially, we focus on the level clipping of multi-level MC signals for both power- and cost-efficient implementation and the VSG code design fir high-rate transmissions. From the receiver performance based on simulation results, in addition to simple receiver structure, an acceptable performance degradation of the MC-VSG BNet system over the existing DS/CDMA system is observed, while guaranteeing an high bit rate transmission.